Study for WPC 300 final exam Q&A

Study for WPC 300 final exam Q&A Heuristic - CORRECT ANSWER-Learns by acting Uses trial and error Values experience, effort reduction Relies on common sense Seeks satisficing solution Fast and frugal May lead to decision biases! analytics - CORRECT ANSWER-developing actionable decisions or rec for action based on insights from histroical data -combo of computer tech, mgt sci techniques, and states to solve real problems -sports analytics, tinder descriptive - CORRECT ANSWER-preliminary stage, create summary of histroical data to yield useful info and prep data for further analysis -what happened -std report, dashboard, visuals -defined business probelm and opportunity explanatory - CORRECT ANSWER-look into past and why is certain thing happened, working on a dashboard -why and how happened - inferential, visual -causal relation predictive - CORRECT ANSWER-use of data, algorithm, machine learning technique to identify liklihood of future outcomes based on list of hist data, what will happen -what and why happened next -data mine, text mine, FC -accurate projection of future prescriptive - CORRECT ANSWER-what to do by providing info on optimal decisions based on predictions, real time -what should by done and why -opt, sim, expert systems -best possible business decision Exploratory visual - CORRECT ANSWER-you have hist data and explore data to find out about it (tablaeu) confirmatory visual - CORRECT ANSWER-expect correlation and look at visual to confirm